Dogecoin DOGE/USD traders remain defiant in light of prolonged sideways price action and still see $0.20 as a viable price target.
What Happened: Crypto trader Astronomer thinks Dogecoin has remained strong despite the broader market downturn. Unlike many projects that have dipped below their prices at the end of 2023, DOGE has held its structure, showcasing relative strength.
The trader has high conviction in DOGE due to its strong community support, backing from big names and a technically solid chart. The recent price action aligns with expectations, with DOGE respecting its cyclical patterns.
The next key move is a break above the local high, which could signal a run to higher targets. The trader said he is watching closely, as Bitcoin’s BTC/USD pullback could influence DOGE’s next move.
Another crypto trader sees Dogecoin's breakout target at $0.20 after its bounce from horizontal support.
Also Read: What’s Going On With Dogecoin And Shiba Inu This Week?
Why It Matters: IntoTheBlock data shows large transaction volume down by 30.2%, while daily active addresses saw a decline of 4.3%. Exchanges netflows declined by 100%. Currently, 73% of Dogecoin holders are in profit.
Over the past year, Dogecoin saw a 37.4% increase in prices. It is up 9% over the past week and holding on to the psychological mark of $0.1.
Crypto trader Jackis noted that Dogecoin's chart is clean and stated it is the "best risk-return probability setup you'll get for it this cycle."
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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